web3.0Shiba Inu (SHIB) Bulls Face Dilemma as 430 Trillion SHIB Tokens Form Resistance and Support Zone
According to on-chain data, dog-themed cryptocurrency Shiba Inu (SHIB) is facing a significant price cluster that holds 430 trillion SHIB tokens.
Dog-themed cryptocurrency Shiba Inu (SHIB) has a significant price cluster that holds a massive 430 trillion SHIB tokens, on-chain data reveals.
According to IntoTheBlock data, the range of $0.000017 and $0.000019 contains precisely 430.63 trillion SHIB at an average price of $0.000018, with 49,080 addresses holding an average of 8.79 trillion SHIB.
As the SHIB price consolidates at this key cluster, SHIB bulls are considering their next move.
The 430 trillion SHIB tokens in this cluster create a strong zone of resistance and support. This large amount of tokens can either stabilize the price or introduce volatility.
At the time of writing, SHIB is down 3.89% in the last 24 hours at a price of $0.00001733. With the price consolidating around the 430 trillion SHIB token cluster, multiple possibilities can play out.
If SHIB bulls manage to push the price above this cluster with enough volume, we may see a breakout. This could trigger a buying spree and lead to a sharp increase in price.
Such a move could see retail traders piling in and momentum building. In this scenario, Shiba Inu's next major resistance is at $0.000019 and $0.000024 where 96.98 trillion SHIB is being held by 95,440 addresses.
Alternatively, SHIB could continue its consolidation phase for a shorter duration within the 430 trillion token cluster. This would disappoint traders looking for immediate returns but could create price stability for long-term holders.
Finally, if SHIB fails to hold within the 430 trillion SHIB price cluster and breaks below key support levels, the bears may take over, leading to a possible decrease in price.
In this scenario, Shiba Inu's next major support is at $0.000014 and $0.000017 where 128.58 trillion SHIB is being held by 88,350 addresses.
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